New Delhi, Jul 2 (IANS): The All India Bank Employees Association (AIBEA) on Friday reiterated its stand against the government's proposed privatisation of public sector banks.

The employees' union on Friday began a series of month-long national webinars to commemorate the 52nd anniversary of bank nationalisation.

Addressing the webinar, AIBEA President Rajen Nagar said that although the government is reducing the number of public sector banks on the grounds of bad banking operations in the sector, more than 73 per cent of bad loans are the result of corporates' faulty banking practices.

While highlighting the contribution of public sector banks towards the welfare of people, the seminar mentioned about the initiatives including Jan Dhan Yojana, and MNREGS wherein these banks have played a vital role in implementation through financial inclusion.

Stressing the necessity of nationalisation, Nagar said: "The only way to revolutionise the banking system in India is to nationalise banking system and run all the banks under the structure of public sector banking."

He also urged all employees in the banking sector to raise the voice against the growing influence of corporates over banking sector in India.